KUALA LUMPUR: ASEAN leaders today declared the establishment of an EU-style regional economic bloc, ASEAN Economic Community (AEC), a single market with a free flow of goods, capital and skilled labour in the region.

The Kuala Lumpur declaration on the establishment of the AEC was today signed by the leaders of 10-nation grouping in front of world leaders including Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.

The AEC envisages a single market with a free flow of goods, capital and skilled labour across borders in the highly competitive economic region. It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined gross domestic product of USD 2.4 trillion.

The ASEAN leaders also adopted the declaration on “ASEAN 2025, forging ahead together”.

“ASEAN is working towards a community that is politically cohesive, economically integrated and socially responsible,” the declaration said.

Recently, Asian Legal Business, quoting a partner in a leading Singapore law firm, said, “China is cooling down and India is heating up, We believe that rivalry and competition from China and India will drive the ASEAN member-states to push the AEC agenda.”

The ASEAN 2025 document charts the path for the AEC building over the next ten years.

“It is a forward looking roadmap that articulates ASEAN goals and aspirations to realise further consolidation,” the leaders said.

ASEAN 2025 means a community committed to working with external partners to strengthen cooperation in combating non-traditional security challenges like terrorism, drug related crimes, human trafficking and maritime issues through various initiatives and projects, the declaration added.

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